NEW YORK, Sept. 29, 2006 (PRIMEZONE) -- Yourman Alexander & Parekh LLP and Bernstein Litowitz Berger & Grossmann LLP, Lead Plaintiffs' Counsel, announce the pendency and the hearing on the proposed settlement and attorneys' fee petition and right to share in the net Settlement Fund of the class action, In re MasTec, Inc. Securities Litigation, Case No. 04-20886 (FAM). The Settlement Class consists of all persons who purchased or acquired the common stock of MasTec, Inc. ("MasTec") during the period from August 12, 2003, through May 11, 2004, inclusive.
You are hereby notified that the Lead Plaintiffs, as defined in the Stipulation of Settlement (the "Stipulation") dated June 30, 2006, in the above-captioned federal court action (the "Litigation") for themselves and on behalf of the Settlement Class Members, have entered into the Stipulation with Defendants to resolve the Litigation. (All terms herein are as defined in the Notice of Pendency and the Stipulation of Settlement on file with the Court).
Please be further advised that, pursuant to an order of the United States District Court for the Southern District of Florida (the "Court"), dated August 18, 2006, a hearing will be held on November 6, 2006 at 2:00 p.m. (the "Settlement Hearing") before the Honorable Federico A. Moreno, in the United States District Court, Southern District of Florida, located at 99 N.E. 4th Street, Courtroom 4, Miami, Florida 33132, for the purpose of determining: (1) whether the proposed settlement of the Litigation for $10,000,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) whether the Litigation should be dismissed on the merits and with prejudice pursuant to the terms of the Stipulation; (3) whether the proposed Plan of Allocation should be approved as fair and reasonable; (4) whether Lead Plaintiffs' Counsel's application for fees and expenses, including any award of reasonable costs and expenses (including lost wages, directly relating to the representation of the Settlement Class to any Lead Plaintiff serving on behalf of the Settlement Class) and interest thereon should be approved; and (5) whether the releases provided for in the Stipulation should be approved as fair, reasonable and adequate to the Members of the Settlement Class. If you purchased or acquired MasTec common stock during the period from August 12, 2003, through May 11, 2004, inclusive, your rights may be affected by the settlement of this Litigation.
If you are a Settlement Class Member, in order to share in the distribution of the Settlement Fund, you must submit a Proof of Claim and Release, which must be received by the Claims Administrator at the address listed below postmarked no later than December 18, 2006, establishing that you are entitled to recovery. To receive a Notice of Pendency and Proposed Settlement of Class Action and Settlement Hearing ("Notice") and the Proof of Claim and Release, or for further information, please contact the Claims Administrator at: MasTec Securities Litigation, c/o Berdon Claims Administration LLC, P.O. Box 9014, Jericho, NY 11753-8914, Tel: 800-766-3330, Fax: 516-931-0810, Website: www.berdonllp.com/claims
In addition to the Claims Administrator, copies of the Notice and Proof of Claim form may also be downloaded from www.blbglaw.com and www.yaplaw.com. If you purchased or acquired MasTec common stock during the Settlement Class Period, you will be deemed to be a Member of the Settlement Class unless you expressly request to be excluded from the Settlement Class. You must submit a valid request for exclusion postmarked no later than October 20, 2006. Instructions on how to request exclusion from the Settlement Class are set forth in the detailed Notice. You will be bound by, and subject to, any judgment rendered in the Litigation unless you request to be excluded in the manner set forth in the Notice. If you submit a valid and timely request for exclusion, you will not be entitled to share in the proceeds of the Settlement and you will not be bound by the Settlement or the Judgment.
Co-Lead Counsel for Lead Plaintiffs and the Settlement Class are: Yourman Alexander & Parekh LLP, Kevin J. Yourman, Esq. and Behram V. Parekh, Esq., 3601 Aviation Blvd., Suite 3000, Manhattan Beach, CA 90266, Tel: 310-725-6400, Fax: 310-725-6420, Attorneys for Lead Plaintiff Alex Meruelo Living Trust; and Bernstein Litowitz Berger & Grossmann LLP, Steven B. Singer, Esq., Jeffrey N. Leibell, Esq. and Eric T. Kanefsky, Esq., 1285 Avenue of the Americas, New York, NY 10019, Tel: 212-554-1400, Fax: 212-554-1444, Attorneys for Lead Plaintiff Arkansas Teacher Retirement System.
Please do not contact the Court or the Clerk's office.